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SA business confidence at lowest level in almost 3 years

Business confidence in South Australia has fallen to its lowest level since May 2013, according to Bank SA’s latest State Monitor survey.

Business confidence recorded a drop of 5.3 points over the past 5 months, falling from 105.2 points in October 2015 to under 100 points in February this year.

In regional South Australia, business confidence fell by 8.1 points to 97.2.

“South Australia continues to sit around the bottom of the ladder when it comes to business confidence and business conditions,” said Shadow Minister for Employment and Small Business Corey Wingard.

“We continue to have the highest unemployment rate in the nation, the highest youth unemployment rate and the highest rate of underemployment in Australia.

“As a start, Treasurer Koutsantonis must extend the small business payroll tax rebate, which is due to be abolished in July this year.

“Businesses need to have confidence in the future so that they can make long-term hiring decisions.

“If we reduce the tax burden on South Australian businesses, owners will have stronger incentives to invest, creating more opportunities for those in search of a job, and more hours for those who already have a job but would like to work more hours.

“To create jobs in South Australia we need to lower taxes and reduce red tape to encourage business investment and economic growth.

“The Weatherill Labor Government needs to do more to improve the broad economic settings in South Australia in order to support sustained investment and encourage people to do business here.”